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The recent rally in gold prices has taken a pause as investors and traders eagerly anticipate the Federal Reserve's upcoming monetary policy decision. This temporary halt in the precious metal's upward trajectory comes on the heels of a new record high, reflecting the market's cautious stance ahead of this crucial announcement.
The CME's FedWatch tool currently predicts a 100% probability of a rate cut in September, with a 63% chance of a 50-basis point reduction and a 37% probability of a more modest 25-basis point cut. This impending decision marks a significant shift in the Fed's monetary policy, representing the first rate cut since the central bank began its tightening cycle in March 2022.
As investors await this pivotal decision, traders have used today’s retail sales report as a reason to take profits from gold’s historical new record price achieved last week. As of 5:30 PM EDT gold futures basis the most active December contract is fixed at $2596.40 after factoring in today’s $13.60 price decline.
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